by Dave Clarke
People who win regular business through networking have reached the stage where they have built strong relationships with others who will go out of their way to recommend them to their contacts on a regular basis. At NRG we call these people their advocates. The people with the most advocates tend to be those who advocate other the most too!
Recently we have been conducting some research into the value of such an Advocate. In this research we first asked do you have any advocates today?
For those that answered yes we asked these supplementary questions
1. What is a new client worth to you in the first year?
2. What is your conversion rate following an introduction from an advocate?
3. What is your client retention rate?
4. How many times does an advocate introduce you directly to a potential opportunity?
The average from the answers so far is
1. £16000 in the first year
2. 40% - win business from 4 out of 10
3. 70% - keep 7 out of 10 clients annually
4. 5 solid recommendations to actual selling opportunities
This gives an average that one advocate (value for typical NRG member) enables you to win £32000 of new business in the first year. If you then calculate what one such advocate is worth over 5 years it becomes more than quarter of a million pounds sterling!
This may be a valuable exercise to conduct for yourself. Especially for when someone questions whether business networking is a valuable investment of your time. It can be very tempting for others to suggest you focus all of your time on direct sources of business. Compare that, however, with the returns you can generate with focusing some of your time on building a few more advocates.
Until next time...
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